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    RLJ Lodging Trust Reports Fourth Quarter and Full Year 2024 Results

    2/25/25 4:30:00 PM ET
    $RLJ
    Real Estate Investment Trusts
    Real Estate
    Get the next $RLJ alert in real time by email

    Fourth Quarter RevPAR increased 2.2% and Total Revenues increased 3.2%

    Fourth Quarter Adjusted EBITDA increased 2.4%

    Repurchased 2.3 million shares of common stock for $22.0 million in 2024

    RLJ Lodging Trust (the "Company") (NYSE:RLJ) today reported results for the three months and year ended December 31, 2024.

    Fourth Quarter Highlights

    • Portfolio Comparable RevPAR of $137.53, an increase of 2.2% over the prior year
    • Total Revenues of $330.0 million, an increase of 3.2% over the prior year
    • Net loss attributable to common shareholders of $0.9 million
    • Net loss per diluted share attributable to common shareholders of $0.01
    • Adjusted EBITDA of $81.1 million, an increase of 2.4% over the prior year
    • Adjusted FFO per diluted common share and unit of $0.33
    • Repurchased 0.3 million common shares for $3.0 million at an average price per share of $9.16
    • Ended year with $0.9 billion of liquidity, including approximately $409.8 million of unrestricted cash and $500.0 million in undrawn revolver capacity

    Full Year Highlights

    • Portfolio Comparable RevPAR of $144.72, an increase of 2.0% over the prior year
    • Total Revenues of $1.4 billion, an increase of 3.3% over the prior year
    • Net income attributable to common shareholders of $42.9 million
    • Net income per diluted share attributable to common shareholders of $0.27
    • Adjusted EBITDA of $361.6 million
    • Adjusted FFO per diluted common share and unit of $1.57
    • Repurchased 2.3 million common shares for $22.0 million at an average price per share of $9.39

    "We were pleased with our fourth quarter results, which once again achieved top quartile RevPAR growth, reflecting the positive momentum in our urban-centric portfolio. The quarter was driven by growth in all segments of demand and the continuing strong ramp from our conversions," commented Leslie D. Hale, President and Chief Executive Officer. "Throughout the year, our team also successfully executed several strategic objectives, including advancing our multiyear conversion pipeline, executing two high-quality acquisitions, strengthening our balance sheet, and returning capital to shareholders through accretive share repurchases and increasing our well-covered dividend. Successful execution of these initiatives has positioned RLJ to build on our momentum in 2025 against a backdrop of continued demand growth, a favorable market footprint, and potentially a more business friendly environment. All of these should allow RLJ to continue unlocking embedded value while enhancing shareholder returns."

    The prefix "comparable" as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.

    Financial and Operating Highlights

    ($ in millions, except ADR, RevPAR, and per share amounts)

    (unaudited)

     

     

    For the three months ended

    December 31,

     

    For the year ended

    December 31,

     

    2024

    2023

    Change

     

    2024

    2023

    Change

    Operational Overview: (1)

     

     

     

     

     

     

     

    Comparable ADR

    $198.71

    $193.96

    2.4%

     

    $199.38

    $197.68

    0.9%

    Comparable Occupancy

    69.2%

    69.4%

    (0.3)%

     

    72.6%

    71.8%

    1.1%

    Comparable RevPAR

    $137.53

    $134.57

    2.2%

     

    $144.72

    $141.93

    2.0%

     

     

     

     

     

     

     

     

    Financial Overview:

     

     

     

     

     

     

     

    Total Revenues

    $330.0

    $319.7

    3.2%

     

    $1,369.4

    $1,325.6

    3.3%

    Comparable Hotel Revenue

    $330.0

    $320.4

    3.0%

     

    $1,369.3

    $1,327.8

    3.1%

     

     

     

     

     

     

     

     

    Net (loss) income attributable to common shareholders

    ($0.9)

    $1.7

    (152.9)%

     

    $42.9

    $51.3

    (16.4)%

     

     

     

     

     

     

     

     

    Comparable Hotel EBITDA

    $90.4

    $89.9

    0.6%

     

    $398.0

    $402.1

    (1.0)%

    Comparable Hotel EBITDA Margin

    27.4%

    28.1%

    (67) bps

     

    29.1%

    30.3%

    (122) bps

    Adjusted EBITDA

    $81.1

    $79.2

    2.4%

     

    $361.6

    $364.5

    (0.8)%

     

     

     

     

     

     

     

     

    Adjusted FFO

    $50.2

    $53.4

    (6.0)%

     

    $241.8

    $260.4

    (7.1)%

    Adjusted FFO Per Diluted Common Share and Unit - Diluted

    $0.33

    $0.34

    (2.9)%

     

    $1.57

    $1.66

    (5.4)%

    Note:

    (1) Comparable statistics reflect the Company's 95 hotel portfolio owned as of December 31, 2024.

    Acquisitions

    During 2024, the Company acquired the 110-room Hotel Teatro in Denver for $35.5 million and the fee simple interest in the land underlying the 304-room Wyndham Boston Beacon Hill for $125.0 million, which was previously subject to a ground lease that was set to expire in 2028. The Company funded both acquisitions with cash on hand.

    Dispositions

    During 2024, the Company sold two non-core properties, generating a combined $20.8 million of gross proceeds.

    Conversions

    During 2024, the Company completed the physical conversions of the Wyndham Houston Medical Center to a DoubleTree by Hilton and the Hotel Indigo in New Orleans to the Hotel Tonnelle, a Marriott Tribute Hotel. Additionally, the Company completed the conversion of the Wyndham Pittsburgh University Center to a Courtyard by Marriott during the fourth quarter.

    Share Repurchases

    During 2024, the Company repurchased 2.3 million shares for $22.0 million, at an average price per share of $9.39, which included approximately 0.3 million common shares repurchased for $3.0 million at an average price per share of $9.16 during the fourth quarter. Additionally, year-to-date the Company has purchased an additional 1.2 million shares for $12.0 million at an average price per share of $9.77. The Company's share buyback program currently has approximately $217.3 million of remaining capacity.

    Balance Sheet

    As of December 31, 2024, the Company had over $900 million of total liquidity, comprising approximately $409.8 million of unrestricted cash and $500.0 million available under its revolving credit facility ("Revolver"), and $2.2 billion of debt outstanding.

    Dividends

    The Company's Board of Trustees declared a quarterly cash dividend of $0.15 per common share of beneficial interest of the Company in the fourth quarter. The dividend was paid on January 15, 2025 to shareholders of record as of December 31, 2024.

    The Company's Board of Trustees declared a quarterly cash dividend of $0.4875 on the Company's Series A Preferred Shares in the fourth quarter. The dividend was paid on January 31, 2025 to shareholders of record as of December 31, 2024.

    2025 Outlook

    ($ in millions, except growth and per share amounts)

    The Company is providing its annual outlook for all hotels owned as of February 25, 2025.

     

    FY 2025

    Comparable RevPAR Growth

    1.0% to 3.0%

    Comparable Hotel EBITDA

    $378.0M to $408.0M

    Adjusted EBITDA

    $345.0M to $375.0M

    Adjusted FFO per diluted share

    $1.46 to $1.66

    Additionally, the Company's full year 2025 outlook includes:

    • Net interest expense of $94.0 million to $96.0 million
    • Cash corporate G&A in the range of $34.0 million to $35.0 million
    • Capital expenditures related to renovations in the range of $80.0 million to $100.0 million
    • Diluted weighted average common shares and units of 152.5 million

    Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the Company's outlook above and could result in a material change to the Company's outlook.

    Earnings Call

    The Company will conduct its quarterly analyst and investor conference call on February 26, 2025 at 10:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust's fourth quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company's website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available through the Investor Relations section of the Company's website for two weeks.

    Supplemental Information

    Please refer to the schedule of supplemental information for additional detail and Comparable operating statistics, which will be posted to the Investor Relations section of the Company's website.

    About Us

    RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 95 premium-branded, rooms-oriented, high-margin, urban-centric hotels located within the heart of demand locations. Our hotels are geographically diverse and concentrated in major urban markets that provide multiple demand generators from business, leisure, and other travelers.

    Forward-Looking Statements

    This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company's business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words "believe," "project," "expect," "anticipate," "estimate," "plan," "may," "will," "will continue," "intend," "should," "may," or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled "Risk Factors," "Forward- Looking Statements," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which will be filed on February 26, 2025, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

    For additional information or to receive press releases via email, please visit our website:

    http://www.rljlodgingtrust.com

    RLJ Lodging Trust

    Non-GAAP and Accounting Commentary

    Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures

    The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin, as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company defines such terms.

    Funds From Operations ("FFO")

    The Company calculates Funds from Operations ("FFO") in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company's operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts ("REITs"), even though FFO does not represent an amount that accrues directly to common shareholders.

    The Company's calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest ("OP units") in RLJ Lodging Trust, L.P., the Company's operating partnership, because the OP units may be redeemed for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.

    EBITDA and EBITDAre

    Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization expense. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization expense) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.

    In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax benefit or expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.

    Adjustments to FFO and EBITDA

    The Company adjusts FFO, EBITDA, and EBITDAre for certain items that the Company considers outside the normal course of operations. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDAre provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, are beneficial to an investor's understanding of the Company's operating performance. The Company adjusts FFO, EBITDA, and EBITDAre for the following items:

    • Transaction Costs: The Company excludes transaction costs expensed during the period
    • Pre-Opening Costs: The Company excludes certain costs related to pre-opening of hotels
    • Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income tax expense or benefit, and non-cash interest expense related to discontinued interest rate hedges
    • Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations

    Hotel EBITDA and Hotel EBITDA Margin

    With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company's hotels and the effectiveness of third-party management companies.

    Comparable Hotel EBITDA and Comparable Hotel EBITDA margin include prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels and excludes results from sold hotels as applicable. The following is a summary of Comparable hotel adjustments:

    Comparable adjustments: Acquired hotel

    For the three and twelve months ended December 31, 2024, Comparable adjustments included the following acquired hotel:

    • Hotel Teatro acquired in June 2024

    Comparable adjustments: Sold hotels

    For the three and twelve months ended December 31, 2024, Comparable adjustments included the following sold hotels:

    • Residence Inn Merrillville sold in May 2024
    • Fairfield Inn & Suites Denver Cherry Creek sold in September 2024

    RLJ Lodging Trust

    Consolidated Balance Sheets

    (Amounts in thousands, except share and per share data)

    (unaudited)

     

     

    December 31, 2024

     

    December 31, 2023

    Assets

     

     

     

    Investment in hotel properties, net

    $

    4,250,524

     

     

    $

    4,136,216

     

    Investment in unconsolidated joint ventures

     

    7,457

     

     

     

    7,398

     

    Cash and cash equivalents

     

    409,809

     

     

     

    516,675

     

    Restricted cash reserves

     

    23,516

     

     

     

    38,652

     

    Hotel and other receivables, net of allowance of $169 and $265, respectively

     

    25,494

     

     

     

    26,163

     

    Lease right-of-use assets

     

    128,111

     

     

     

    136,140

     

    Prepaid expense and other assets

     

    38,968

     

     

     

    58,051

     

    Total assets

    $

    4,883,879

     

     

    $

    4,919,295

     

    Liabilities and Equity

     

     

     

    Debt, net

    $

    2,220,081

     

     

    $

    2,220,778

     

    Accounts payable and other liabilities

     

    154,643

     

     

     

    147,819

     

    Advance deposits and deferred revenue

     

    40,242

     

     

     

    32,281

     

    Lease liabilities

     

    119,102

     

     

     

    122,588

     

    Accrued interest

     

    20,900

     

     

     

    22,539

     

    Distributions payable

     

    30,634

     

     

     

    22,500

     

    Total liabilities

     

    2,585,602

     

     

     

    2,568,505

     

    Equity

     

     

     

    Shareholders' equity:

     

     

     

    Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized

     

     

     

    Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2024 and 2023

     

    366,936

     

     

     

    366,936

     

    Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 153,295,577 and 155,297,829 shares issued and outstanding at December 31, 2024 and 2023, respectively

     

    1,533

     

     

     

    1,553

     

    Additional paid-in capital

     

    2,992,487

     

     

     

    3,000,894

     

    Accumulated other comprehensive income

     

    13,788

     

     

     

    22,662

     

    Distributions in excess of net earnings

     

    (1,090,186

    )

     

     

    (1,055,183

    )

    Total shareholders' equity

     

    2,284,558

     

     

     

    2,336,862

     

    Noncontrolling interest:

     

     

     

    Noncontrolling interest in consolidated joint ventures

     

    7,589

     

     

     

    7,634

     

    Noncontrolling interest in the Operating Partnership

     

    6,130

     

     

     

    6,294

     

    Total noncontrolling interest

     

    13,719

     

     

     

    13,928

     

    Total equity

     

    2,298,277

     

     

     

    2,350,790

     

    Total liabilities and equity

    $

    4,883,879

     

     

    $

    4,919,295

     

    Note:

    The corresponding notes to the consolidated financial statements can be found in the Company's Annual Report on Form 10-K.

    RLJ Lodging Trust

    Consolidated Statements of Operations

    (Amounts in thousands, except share and per share data)

    (unaudited)

     

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenues

     

     

     

     

     

     

     

    Operating revenues

     

     

     

     

     

     

     

    Room revenue

    $

    267,690

     

     

    $

    261,612

     

     

    $

    1,121,586

     

     

    $

    1,095,028

     

    Food and beverage revenue

     

    39,593

     

     

     

    36,024

     

     

     

    153,108

     

     

     

    141,625

     

    Other revenue

     

    22,706

     

     

     

    22,072

     

     

     

    94,746

     

     

     

    88,924

     

    Total revenues

     

    329,989

     

     

     

    319,708

     

     

     

    1,369,440

     

     

     

    1,325,577

     

    Expenses

     

     

     

     

     

     

     

    Operating expenses

     

     

     

     

     

     

     

    Room expense

     

    70,682

     

     

     

    69,396

     

     

     

    288,567

     

     

     

    277,058

     

    Food and beverage expense

     

    29,487

     

     

     

    28,103

     

     

     

    117,766

     

     

     

    109,707

     

    Management and franchise fee expense

     

    25,195

     

     

     

    24,863

     

     

     

    107,978

     

     

     

    107,417

     

    Other operating expenses

     

    90,680

     

     

     

    85,918

     

     

     

    363,631

     

     

     

    340,485

     

    Total property operating expenses

     

    216,044

     

     

     

    208,280

     

     

     

    877,942

     

     

     

    834,667

     

    Depreciation and amortization

     

    45,386

     

     

     

    44,455

     

     

     

    179,431

     

     

     

    179,103

     

    Property tax, insurance and other

     

    26,300

     

     

     

    23,961

     

     

     

    107,043

     

     

     

    100,229

     

    General and administrative

     

    12,978

     

     

     

    15,968

     

     

     

    54,804

     

     

     

    58,998

     

    Transaction costs

     

    21

     

     

     

    197

     

     

     

    320

     

     

     

    223

     

    Total operating expenses

     

    300,729

     

     

     

    292,861

     

     

     

    1,219,540

     

     

     

    1,173,220

     

    Other income, net

     

    673

     

     

     

    858

     

     

     

    5,342

     

     

     

    4,364

     

    Interest income

     

    4,123

     

     

     

    5,766

     

     

     

    17,314

     

     

     

    19,743

     

    Interest expense

     

    (28,208

    )

     

     

    (25,301

    )

     

     

    (111,358

    )

     

     

    (98,807

    )

    (Loss) gain on sale of hotel properties, net

     

    (39

    )

     

     

    (6

    )

     

     

    8,262

     

     

     

    (34

    )

    Loss on extinguishment of indebtedness, net

     

    —

     

     

     

    —

     

     

     

    (129

    )

     

     

    (169

    )

    Income before equity in income from unconsolidated joint ventures

     

    5,809

     

     

     

    8,164

     

     

     

    69,331

     

     

     

    77,454

     

    Equity in income from unconsolidated joint ventures

     

    220

     

     

     

    104

     

     

     

    459

     

     

     

    419

     

    Income before income tax expense

     

    6,029

     

     

     

    8,268

     

     

     

    69,790

     

     

     

    77,873

     

    Income tax expense

     

    (518

    )

     

     

    (228

    )

     

     

    (1,599

    )

     

     

    (1,256

    )

    Net income

     

    5,511

     

     

     

    8,040

     

     

     

    68,191

     

     

     

    76,617

     

    Net (loss) income attributable to noncontrolling interests:

     

     

     

     

     

     

     

    Noncontrolling interest in consolidated joint ventures

     

    (136

    )

     

     

    (96

    )

     

     

    45

     

     

     

    35

     

    Noncontrolling interest in the Operating Partnership

     

    1

     

     

     

    (9

    )

     

     

    (215

    )

     

     

    (247

    )

    Net income attributable to RLJ

     

    5,376

     

     

     

    7,935

     

     

     

    68,021

     

     

     

    76,405

     

    Preferred dividends

     

    (6,279

    )

     

     

    (6,279

    )

     

     

    (25,115

    )

     

     

    (25,115

    )

    Net (loss) income attributable to common shareholders

    $

    (903

    )

     

    $

    1,656

     

     

    $

    42,906

     

     

    $

    51,290

     

    Basic per common share data:

     

     

     

     

     

     

     

    Net (loss) income per share attributable to common shareholders

    $

    (0.01

    )

     

    $

    0.01

     

     

    $

    0.27

     

     

    $

    0.32

     

    Weighted-average number of common shares

     

    151,751,999

     

     

     

    153,326,317

     

     

     

    152,856,036

     

     

     

    155,928,663

     

    Diluted per common share data:

     

     

     

     

     

     

     

    Net (loss) income per share attributable to common shareholders

    $

    (0.01

    )

     

    $

    0.01

     

     

    $

    0.27

     

     

    $

    0.32

     

    Weighted-average number of common shares

     

    151,751,999

     

     

     

    154,406,530

     

     

     

    153,475,921

     

     

     

    156,556,414

     

    Note:

    The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company's Annual Report on Form 10-K.

    RLJ Lodging Trust

    Reconciliation of Non-GAAP Measures

    (Amounts in thousands, except per share data)

    (unaudited)

     

    Funds From Operations (FFO) Attributable to Common Shareholders and Unitholders

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income

    $

    5,511

     

     

    $

    8,040

     

     

    $

    68,191

     

     

    $

    76,617

     

    Preferred dividends

     

    (6,279

    )

     

     

    (6,279

    )

     

     

    (25,115

    )

     

     

    (25,115

    )

    Depreciation and amortization

     

    45,386

     

     

     

    44,455

     

     

     

    179,431

     

     

     

    179,103

     

    Loss (gain) on sale of hotel properties, net

     

    39

     

     

     

    6

     

     

     

    (8,262

    )

     

     

    34

     

    Noncontrolling interest in consolidated joint ventures

     

    (136

    )

     

     

    (96

    )

     

     

    45

     

     

     

    35

     

    Adjustments related to consolidated joint venture (1)

     

    (48

    )

     

     

    (45

    )

     

     

    (187

    )

     

     

    (175

    )

    Adjustments related to unconsolidated joint venture (2)

     

    227

     

     

     

    232

     

     

     

    912

     

     

     

    941

     

    FFO

     

    44,700

     

     

     

    46,313

     

     

     

    215,015

     

     

     

    231,440

     

    Transaction costs

     

    21

     

     

     

    197

     

     

     

    320

     

     

     

    223

     

    Pre-opening costs (3)

     

    247

     

     

     

    163

     

     

     

    1,335

     

     

     

    1,351

     

    Loss on extinguishment of indebtedness, net

     

    —

     

     

     

    —

     

     

     

    129

     

     

     

    169

     

    Amortization of share-based compensation

     

    4,544

     

     

     

    6,258

     

     

     

    20,804

     

     

     

    24,285

     

    Non-cash income tax expense (benefit)

     

    10

     

     

     

    (5

    )

     

     

    10

     

     

     

    (5

    )

    Non-cash interest expense related to discontinued interest rate hedges

     

    305

     

     

     

    482

     

     

     

    1,592

     

     

     

    1,929

     

    Other expenses (income) (4)

     

    385

     

     

     

    (30

    )

     

     

    2,641

     

     

     

    996

     

    Adjusted FFO

    $

    50,212

     

     

    $

    53,378

     

     

    $

    241,846

     

     

    $

    260,388

     

     

     

     

     

     

     

     

     

    Adjusted FFO per common share and unit-basic

    $

    0.33

     

     

    $

    0.35

     

     

    $

    1.57

     

     

    $

    1.66

     

    Adjusted FFO per common share and unit-diluted

    $

    0.33

     

     

    $

    0.34

     

     

    $

    1.57

     

     

    $

    1.66

     

     

     

     

     

     

     

     

     

    Basic weighted-average common shares and units outstanding (5)

     

    152,524

     

     

     

    154,098

     

     

     

    153,628

     

     

     

    156,700

     

    Diluted weighted-average common shares and units outstanding (5)

     

    153,042

     

     

     

    155,178

     

     

     

    154,248

     

     

     

    157,328

     

    Note:

    (1) Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint venture.

    (2) Includes our ownership interest in the depreciation and amortization expense of the unconsolidated joint venture.

    (3) Represents expenses related to the brand conversions of certain hotel properties prior to opening.

    (4) Represents expenses and income outside of the normal course of operations.

    (5) Includes 0.8 million weighted-average operating partnership units for the three months and year ended December 31, 2024 and 2023.

    RLJ Lodging Trust

    Reconciliation of Non-GAAP Measures

    (Amounts in thousands)

    (unaudited)

     

    Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income

    $

    5,511

     

     

    $

    8,040

     

     

    $

    68,191

     

     

    $

    76,617

     

    Depreciation and amortization

     

    45,386

     

     

     

    44,455

     

     

     

    179,431

     

     

     

    179,103

     

    Interest expense, net of interest income

     

    24,085

     

     

     

    19,535

     

     

     

    94,044

     

     

     

    79,064

     

    Income tax expense

     

    518

     

     

     

    228

     

     

     

    1,599

     

     

     

    1,256

     

    Adjustments related to unconsolidated joint venture (1)

     

    392

     

     

     

    340

     

     

     

    1,390

     

     

     

    1,374

     

    EBITDA

     

    75,892

     

     

     

    72,598

     

     

     

    344,655

     

     

     

    337,414

     

    Loss (gain) on sale of hotel properties, net

     

    39

     

     

     

    6

     

     

     

    (8,262

    )

     

     

    34

     

    EBITDAre

     

    75,931

     

     

     

    72,604

     

     

     

    336,393

     

     

     

    337,448

     

    Transaction costs

     

    21

     

     

     

    197

     

     

     

    320

     

     

     

    223

     

    Pre-opening costs (2)

     

    247

     

     

     

    163

     

     

     

    1,335

     

     

     

    1,351

     

    Loss on extinguishment of indebtedness, net

     

    —

     

     

     

    —

     

     

     

    129

     

     

     

    169

     

    Amortization of share-based compensation

     

    4,544

     

     

     

    6,258

     

     

     

    20,804

     

     

     

    24,285

     

    Other expenses (income) (3)

     

    385

     

     

     

    (30

    )

     

     

    2,641

     

     

     

    996

     

    Adjusted EBITDA

     

    81,128

     

     

     

    79,192

     

     

     

    361,622

     

     

     

    364,472

     

    General and administrative

     

    8,434

     

     

     

    9,710

     

     

     

    34,000

     

     

     

    34,713

     

    Other corporate adjustments

     

    848

     

     

     

    1,022

     

     

     

    3,133

     

     

     

    3,031

     

    Consolidated Hotel EBITDA

     

    90,410

     

     

     

    89,924

     

     

     

    398,755

     

     

     

    402,216

     

    Comparable adjustments - income from sold hotels

     

    (47

    )

     

     

    (454

    )

     

     

    (1,279

    )

     

     

    (2,626

    )

    Comparable adjustments - income from acquired hotel

     

    —

     

     

     

    407

     

     

     

    525

     

     

     

    2,551

     

    Comparable Hotel EBITDA

    $

    90,363

     

     

    $

    89,877

     

     

    $

    398,001

     

     

    $

    402,141

     

    Notes: Comparable statistics reflect the Company's 95 hotel portfolio owned as of December 31, 2024.

    (1) Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture.

    (2) Represents expenses related to the brand conversions of certain hotel properties prior to opening.

    (3) Represents expenses and income outside of the normal course of operations.

    RLJ Lodging Trust

    Reconciliation of Non-GAAP Measures

    (Amounts in thousands except margin data)

    (unaudited)

     

    Comparable Hotel EBITDA Margin

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Total revenue

    $

    329,989

     

     

    $

    319,708

     

     

    $

    1,369,440

     

     

    $

    1,325,577

     

    Comparable adjustments - revenue from sold hotels

     

    —

     

     

     

    (1,462

    )

     

     

    (3,879

    )

     

     

    (7,013

    )

    Comparable adjustments - revenue from prior ownership of acquired hotels

     

    —

     

     

     

    2,151

     

     

     

    3,834

     

     

     

    9,318

     

    Other corporate adjustments / non-hotel revenue

     

    (24

    )

     

     

    (18

    )

     

     

    (76

    )

     

     

    (70

    )

    Comparable Hotel Revenue

    $

    329,965

     

     

    $

    320,379

     

     

    $

    1,369,319

     

     

    $

    1,327,812

     

     

     

     

     

     

     

     

     

    Comparable Hotel EBITDA

    $

    90,363

     

     

    $

    89,877

     

     

    $

    398,001

     

     

    $

    402,141

     

     

     

     

     

     

     

     

     

    Comparable Hotel EBITDA Margin

     

    27.4

    %

     

     

    28.1

    %

     

     

    29.1

    %

     

     

    30.3

    %

    RLJ Lodging Trust

    Reconciliation of Non-GAAP Measures - Full-Year Outlook

    (Amounts in millions)

    (unaudited)

     

    Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

     

    For the year ended December 31, 2025

     

    Low End

     

    High End

    Net income

    $

    50.0

     

     

    $

    78.0

     

    Depreciation and amortization

     

    180.0

     

     

     

    180.0

     

    Interest expense, net of interest income

     

    94.0

     

     

     

    96.0

     

    Income tax expense

     

    1.6

     

     

     

    1.6

     

    Adjustments related to joint ventures

     

    1.4

     

     

     

    1.4

     

    EBITDA/EBITDAre

     

    327.0

     

     

     

    357.0

     

    Amortization of share-based compensation

     

    18.0

     

     

     

    18.0

     

    Adjusted EBITDA

     

    345.0

     

     

     

    375.0

     

    General and administrative

     

    34.0

     

     

     

    35.0

     

    Other corporate adjustments

     

    (1.0

    )

     

     

    (2.0

    )

    Consolidated Hotel EBITDA/Comparable Hotel EBITDA

    $

    378.0

     

     

    $

    408.0

     

    Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders

     

    For the year ended December 31, 2025

     

    Low End

     

    High End

    Net income

    $

    50.0

     

     

    $

    78.0

     

    Preferred dividends

     

    (25.0

    )

     

     

    (25.0

    )

    Depreciation and amortization

     

    180.0

     

     

     

    180.0

     

    Adjustments related to joint ventures

     

    1.0

     

     

     

    1.0

     

    FFO

     

    206.0

     

     

     

    234.0

     

    Amortization of share-based compensation

     

    18.0

     

     

     

    18.0

     

    All other items, net

     

    (1.5

    )

     

     

    0.5

     

    Adjusted FFO

    $

    222.5

     

     

    $

    252.5

     

     

     

     

     

    Adjusted FFO per common share and unit-diluted

    $

    1.46

     

     

    $

    1.66

     

     

     

     

     

    Diluted weighted-average common shares and units outstanding

     

    152.5

     

     

     

    152.5

     

    RLJ Lodging Trust

    Consolidated Debt Summary

    (Amounts in thousands except interest rate data)

    (unaudited)

     

    Loan

    Base Term (Years)

    Maturity (incl. extensions)

    Floating / Fixed (1)

    Interest Rate (2)

     

    Balance as of December 31, 2024 (3)

    Mortgage Debt

     

     

     

     

     

     

    Mortgage loan - 1 hotel

    10

    Jan 2029

    Fixed

    5.06%

     

    $

    25,000

    Mortgage loan - 3 hotels

    5

    Apr 2026

    Floating

    4.49%

     

     

    96,000

    Mortgage loan - 4 hotels

    5

    Apr 2026

    Floating

    4.93%

     

     

    85,000

    Weighted Average / Mortgage Total

     

     

     

    4.74%

     

    $

    206,000

     

     

     

     

     

     

     

    Corporate Debt

     

     

     

     

     

     

    Revolver (4)

    4

    May 2028

    Floating

    6.08%

     

    $

    100,000

    $225 Million Term Loan Maturing 2026

    3

    May 2028

    Floating

    5.33%

     

     

    225,000

    $200 Million Term Loan Maturing 2026

    3

    January 2028

    Floating

    6.03%

     

     

    200,000

    $500 Million Term Loan Maturing 2027

    3

    September 2029

    Floating

    4.69%

     

     

    500,000

    $500 Million Senior Notes due 2026

    5

    July 2026

    Fixed

    3.75%

     

     

    500,000

    $500 Million Senior Notes due 2029

    8

    September 2029

    Fixed

    4.00%

     

     

    500,000

    Weighted Average / Corporate Total

     

     

     

    4.56%

     

    $

    2,025,000

     

     

     

     

     

     

     

    Weighted-Average / Gross Debt

     

     

     

    4.58%

     

    $

    2,231,000

    Notes:

    (1) The floating interest rate is hedged, or partially hedged, with an interest rate swap.

    (2) Interest rates as of December 31, 2024, inclusive of the impact of interest rate hedges.

    (3) Excludes the impact of fair value adjustments and deferred financing costs.

    (4) As of December 31, 2024, there was $500.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250225541186/en/

    Sean M. Mahoney, Executive Vice President and Chief Financial Officer – (301) 280-7774

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    • RLJ Lodging Trust Announces Second Quarter 2025 Earnings Release and Conference Call Dates

      RLJ Lodging Trust (the "Company") (NYSE:RLJ) today announced it will report financial results for the second quarter ended June 30, 2025, after the markets close on August 7, 2025. The Company will also host a conference call on August 8, 2025, at 10:00 a.m. (Eastern Time). The Company recommends that you dial in approximately 10 minutes before the call. The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust's second quarter earnings conference call. A replay of the call will be available from 2:00 p.m. (Eastern Time) on August 8, 2025, until midnight (Eastern Time) on August 22, 2025. The replay ca

      6/6/25 8:00:00 AM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate
    • RLJ Lodging Trust Reports First Quarter 2025 Results

      Q1 RevPAR increased 1.6% Addressed all 2025 debt maturities Repurchased 2.7 million shares for $24.3 million year-to-date RLJ Lodging Trust (the "Company") (NYSE:RLJ) today reported results for the three months ended March 31, 2025. Highlights Portfolio Comparable RevPAR of $141.23; an increase of 1.6% over the prior year Total Revenues of $328.1 million Net Income of $3.2 million Comparable Hotel EBITDA of $85.3 million Adjusted EBITDA of $77.6 million Adjusted FFO per diluted common share and unit of $0.31 Sold one non-core hotel for $24.3 million Recycled proceeds from asset sale to repurchase 2.7 million shares for approximately $24.3 million Addressed all 2025 deb

      5/5/25 8:00:00 AM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate

    $RLJ
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    • RLJ Lodging Trust Announces Dividends for Second Quarter of 2025

      RLJ Lodging Trust (the "Company") (NYSE:RLJ) today announced that its Board of Trustees has declared a quarterly cash dividend of $0.15 per common share of beneficial interest. The dividend is payable on July 15, 2025, to shareholders of record as of June 30, 2025. The Board of Trustees also declared a quarterly cash dividend of $0.4875 on the Company's Series A Preferred Shares. The dividend is payable on July 31, 2025, to shareholders of record as of June 30, 2025. About Us RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. Forward Looking Statements

      6/13/25 9:15:00 AM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate
    • RLJ Lodging Trust Announces Second Quarter 2025 Earnings Release and Conference Call Dates

      RLJ Lodging Trust (the "Company") (NYSE:RLJ) today announced it will report financial results for the second quarter ended June 30, 2025, after the markets close on August 7, 2025. The Company will also host a conference call on August 8, 2025, at 10:00 a.m. (Eastern Time). The Company recommends that you dial in approximately 10 minutes before the call. The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust's second quarter earnings conference call. A replay of the call will be available from 2:00 p.m. (Eastern Time) on August 8, 2025, until midnight (Eastern Time) on August 22, 2025. The replay ca

      6/6/25 8:00:00 AM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate
    • RLJ Lodging Trust Reports First Quarter 2025 Results

      Q1 RevPAR increased 1.6% Addressed all 2025 debt maturities Repurchased 2.7 million shares for $24.3 million year-to-date RLJ Lodging Trust (the "Company") (NYSE:RLJ) today reported results for the three months ended March 31, 2025. Highlights Portfolio Comparable RevPAR of $141.23; an increase of 1.6% over the prior year Total Revenues of $328.1 million Net Income of $3.2 million Comparable Hotel EBITDA of $85.3 million Adjusted EBITDA of $77.6 million Adjusted FFO per diluted common share and unit of $0.31 Sold one non-core hotel for $24.3 million Recycled proceeds from asset sale to repurchase 2.7 million shares for approximately $24.3 million Addressed all 2025 deb

      5/5/25 8:00:00 AM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate

    $RLJ
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by RLJ Lodging Trust

      SC 13G/A - RLJ Lodging Trust (0001511337) (Subject)

      10/18/24 8:36:56 PM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate
    • Amendment: SEC Form SC 13G/A filed by RLJ Lodging Trust

      SC 13G/A - RLJ Lodging Trust (0001511337) (Subject)

      10/18/24 11:31:34 AM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G/A filed by RLJ Lodging Trust (Amendment)

      SC 13G/A - RLJ Lodging Trust (0001511337) (Subject)

      2/13/24 7:04:05 PM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate

    $RLJ
    Leadership Updates

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    • RLJ Lodging Trust Announces Retirement of Chief Financial Officer

      RLJ Lodging Trust (the "Company") (NYSE:RLJ) announced today that following seven successful years at the Company, Sean M. Mahoney, the Company's Executive Vice President and Chief Financial Officer will be retiring in May of this year after a dynamic career spanning over 30 years, including more than 20 years in the hospitality REIT industry. "On behalf of the Board of Trustees and the entire RLJ team, I want to thank Sean for his invaluable contributions during his tenure," said Leslie D. Hale, President and Chief Executive Officer of the Company. "Sean has been a great partner and valued member of our management team. He joined RLJ at a pivotal time as we were transforming and repositio

      3/20/25 9:05:00 AM ET
      $RLJ
      Real Estate Investment Trusts
      Real Estate
    • RLJ Lodging Trust Announces the Appointment of Chad Perry as Executive Vice President and General Counsel

      RLJ Lodging Trust ("RLJ" or the "Company") (NYSE:RLJ) today announced the appointment of Chad D. Perry as Executive Vice President and General Counsel. Prior to his appointment, Mr. Perry served as Executive Vice President, General Counsel and Secretary of Tanger Factory Outlet Centers, Inc. (NYSE:SKT). In his role at RLJ, Mr. Perry will lead the Company's legal department, reporting to President and Chief Executive Officer Leslie D. Hale. "I am thrilled to welcome Chad to RLJ," said Leslie D. Hale, RLJ's President and CEO. "Chad has a strong track record of effectively overseeing legal affairs, corporate governance, and risk management, in addition to his extensive background in the REIT

      6/14/23 9:00:00 AM ET
      $LPLA
      $RLJ
      $SKT
      Investment Bankers/Brokers/Service
      Finance
      Real Estate Investment Trusts
      Real Estate
    • RLJ Lodging Trust Appoints Robin Zeigler to Board of Trustees

      RLJ Lodging Trust (the "Company") (NYSE:RLJ) today announced the appointment of Robin Zeigler, a real estate executive with over 25 years of experience in the industry, to the Company's Board of Trustees (the "Board"). Ms. Zeigler's appointment as a new independent member of the Board is effective immediately, and she will join the Board's Audit Committee and Nominating and Corporate Governance Committee. Ms. Zeigler will stand for election as a Board-recommended nominee at the 2022 Annual Meeting of Shareholders. "On behalf of the Trustees and the RLJ management team, we are thrilled to welcome Robin to our Board," commented Leslie D. Hale, President and Chief Executive Officer. "Robin ha

      2/22/22 9:15:00 AM ET
      $CDR
      $FRT
      $RLJ
      Real Estate Investment Trusts
      Real Estate